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Fusemachines Inc. (FUSE) stock

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NASDAQ: FUSE Nasdaq IT Consulting & Other Services

Fusemachines Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Fusemachines Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Fusemachines Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds8 adding, 3 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Current signal Earnings running well ahead of cash (high accruals): Over the last 12 months net income exceeded operating cash flow by an amount equal to 451.1% of total assets. Earnings built on accounting accruals rather than cash have historically proved less persistent.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Fusemachines Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -144.0%: costs exceed revenue.
  • Burning cash. Free cash flow was -133.1% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 178% and a beta of 1.9 against the S&P 500.
  • Weak cash conversion. Free cash flow was -78% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed November 3, 2026
Revenue
$2m, up 3.0% on a year earlier

Fusemachines' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week+12.1%
  • 1 month-23.2%
  • This year-76.9%
  • 1 year-85.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.5M
Operating margin
-144.0%
Net margin
171.1%

Cash

Free cash flow (TTM)
-$9.9M
FCF margin
-133.1%
Stock pay % of revenue
7.5%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Leadership
  4. Agreement
  5. Leadership
  6. Agreement
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fusemachines Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$11.50$1.65
Market value$80m$19m
+ Net debt (− = net cash)$19m−$3m
Enterprise value$99m$16m
Multiples
Price / sales 9.1x2.5x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Fusemachines Inc.: too few analysts cover it.

Positioning

Short interest
3.9%
of tradable shares
Days to cover
0.22
at average volume
Short interest, 1 month
−55%
to October 15, 2026
Held by institutions
38%
of shares
Held by insiders
36.6%
of shares
Employees
270
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2023202420252026 to date
Return
FUSE+8%+6%−86%−77%
Industry peers (median)+4%+24%−22%−13%
S&P 500+26%+25%+18%+11%
Months that ended higher
FUSE100%83%58%9%
S&P 50067%75%75%46%
Largest fall from a high during the year
FUSE−1%−1%−92%−88%
S&P 500−10%−8%−19%−9%

Worst fall since March 7, 2022: 98% from October 21, 2025 to October 23, 2026. Getting back needed a 5802% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.33 – $2.74
From 52-week high
−86.1%
vs 50-day average
−25.8%
vs 200-day average
−65.8%
Volatility (1 year)
178%
Beta vs S&P 500
1.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Fundamentals

Revenue (TTM) Fusemachines Inc.
$7.4M $7.5M $7.6M $7.7M $7.8M FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Revenue (TTM), FY25 Q4: $7.7M Revenue (TTM), FY26 Q1: $7.6M Revenue (TTM), FY26 Q2: $7.4M Revenue (TTM), FY26 Q3: $7.5M $7.5M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY25 Q4 $7.7M
FY26 Q1 $7.6M
FY26 Q2 $7.4M
FY26 Q3 $7.5M
Operating margin (TTM) Fusemachines Inc.
-150% -100% -50% 0% FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Operating margin (TTM), FY25 Q4: -77.2% Operating margin (TTM), FY26 Q1: -100.4% Operating margin (TTM), FY26 Q2: -128.5% Operating margin (TTM), FY26 Q3: -144.0% -144.0%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q4 -77.2%
FY26 Q1 -100.4%
FY26 Q2 -128.5%
FY26 Q3 -144.0%
FCF margin (TTM) Fusemachines Inc.
-150% -100% -50% 0% FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 FCF margin (TTM), FY25 Q4: -72.4% FCF margin (TTM), FY26 Q1: -99.4% FCF margin (TTM), FY26 Q2: -121.1% FCF margin (TTM), FY26 Q3: -133.1% -133.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q4 -72.4%
FY26 Q1 -99.4%
FY26 Q2 -121.1%
FY26 Q3 -133.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 9 8 7
Gross profit 5 4 4
EBITDA −8 −6 −11
Operating income −8 −6 −11
Net income −15 −1 13
Diluted EPS −$2.21 −$0.08 —
Growth (year on year)
Revenue — −12.5% —
Margins
Gross margin 54.9% 55.8% 52.4%
EBITDA margin −91.8% −75.9% −142.7%
Operating margin −93.0% −77.2% −144.0%
Net margin −174.6% −12.0% 171.1%
Free-cash-flow margin −25.2% −72.4% −133.1%
Cash flow
Cash from operations −2 −6 −10
Capital spending 0 0 0
Free cash flow −2 −6 −10
Stock-based pay 1 0 1
Free cash flow after stock pay −3 −6 −10
Balance sheet
Cash 1 4 1
Total debt 19 1 2
Net debt (negative = net cash) 19 −3 0
Diluted shares 7m 12m —
Returned to shareholders
Buybacks 2 — —
Total returned 2 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · September 30, 2026
What it owns · $5m
Short-term assets $4mLonger-term assets $1m
What it owes, and who funded it · $13m
Short-term liabilities $13mLonger-term liabilities $1mShareholders' equity $-8m
  • Short-term assets cover short-term liabilities $4m of assets due within a year against $13m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4m short-term assets against $538,000 of longer-dated liabilities.
  • More cash than debt $1m of cash against $3m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$10m of operating cash flow against $3m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Fusemachines Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
14.9%
of revenue
Days sales outstanding
69 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated FUSE JZ AIOS MGRT GLE SUPX Median
Revenue, last 12 months $7m $10m $5m $11m $3m $20m $334m
Revenue growth, last 12 months — −71.8% −98.5% 233.3% −5.0% >999% 5.7%
Gross margin 52.4% 17.7% 72.0% 50.7% 13.3% −5.4% 28.1%
Operating margin −144.0% −24.1% 29.0% 20.3% −57.9% −500.2% 4.0%
Net margin 171.1% −22.4% <−999% 16.1% −72.8% −527.7% 2.5%
Cash from operations / revenue −132.1% −13.9% −530.4% −108.3% −67.3% −362.8% 6.2%
Free-cash-flow margin −133.1% −13.9% −530.4% −108.3% −69.2% −389.5% 4.8%
Stock pay / revenue 7.5% 14.5% 0.1% — 16.1% 257.6% 2.2%
Change in share count — 50.9% 14.4% 7.9% 6.7% 148.1% 0.9%

Median of all 41 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
AI Solutions $7.6M 98.3% ▼ 14.0%
AI Education Services $133,000 1.7% —
Geography
Region Revenue Share YoY
United States $7.3M 95.2% ▼ 14.1%
Outside the US $372,000 4.8% ▲ 39.3%

From Fusemachines Inc.'s 10-K filed March 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.6M
Institutions reporting
18
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
6 / 2

Top buyers and sellers, Q2 2026: 8 institutions bought and 3 sold ; the biggest buyer was Northern Trust Corp (+28K shares) and the biggest seller Geode Capital Management, LLC (−43K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Meteora Capital, LLC $936,737 892K 58.5% 0.0%
Vanguard Capital Management LLC $147,196 140K 9.2% 0.0%
Geode Capital Management, LLC $140,811 134K 8.8% ▼ 24.4%
Calamos Advisors LLC $78,750 75K 4.9% 0.0%
Vanguard Fiduciary Trust Co $58,648 56K 3.7% 0.0%
State Street Corp $57,225 55K 3.6% 0.0%
Alberta Investment Management Corp $49,875 48K 3.1% 0.0%
Mmcap International Inc. Spc $36,750 35K 2.3% 0.0%
Northern Trust Corp $29,864 28K 1.9% New
Ground Swell Capital, LLC $28,212 27K 1.8% New
Jane Street Group, LLC $14,395 14K 0.9% New
Tower Research Capital LLC (TRC) $7,211 7K 0.5% ▲ 699.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fusemachines Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Fusemachines Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fusemachines Inc. in brief

What does Fusemachines Inc. do?
Fusemachines Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Fusemachines Inc.'s stock ticker?
Fusemachines Inc. trades under the ticker FUSE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fusemachines Inc.'s free cash flow?
Fusemachines Inc.'s free-cash-flow margin is -133.1% of revenue over the trailing twelve months.
Who are Fusemachines Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Meteora Capital, LLC, Vanguard Capital Management LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fusemachines Inc.'s market cap?
On December 31, 2025, Fusemachines Inc.'s market capitalisation was about $19M and net debt of -$3.2M. Market figures come from third-party market data and may be delayed.
Who are Fusemachines Inc.'s competitors?
In our IT Consulting & Other Services peer group, the companies closest to Fusemachines Inc. are Jianzhi Education Technology Group Co Ltd, Aios Tech Inc., Mega Fortune Co Ltd, Global Engine Group Holding Ltd and Superx AI Technology Ltd. The side-by-side comparison below sets their revenue, margins and growth against Fusemachines Inc.'s.